Research On The Influence Of Management's External Profit Pressure On The Investment Efficiency Of Listed Companies

The effectiveness of investment behavior is not only related to the company's operating risk and profitability,but also an important means to achieve the goal of maximizing the value of the company.As a listed company with the main force of national economic development,the level of investment efficiency not only affects the value of micro-enterprises,but also is crucial to the development of macro-economy.Therefore,the research on the investment efficiency of listed companies is very necessary.Listed companies in the capital market are bound to face various expectations of the external capital market.The most representative of them is the profit forecast of securities analysts,because analyst earnings forecast is considered as a typical substitute for market expectations.As the maturity of China's securities market increases,analysts' earnings forecast information has begun to attract more and more investors and corporate management.Investors tend to refer to analysts' earnings forecasting information to set their own expectations for the future performance of listed companies,while managers use analysts' earnings forecasting information to understand the expectations of external capital markets.When securities analysts' earnings expectations exceed management's earnings expectations,the difference between the two will put pressure on management.In addition,the contradiction between the manager's goals and the company's goals and the constraints of market supervision standards will also cause pressure on the management to create external profit.This kind of profit pressure from the outside of the company will directly affect the investment decision-making behavior of listed companies and will affect the investment efficiency of listed companies.This article will use relevant theoretical analysis and empirical research to explore the impact of external profit pressure on investment efficiency and provide scientific and powerful support for improving the investment efficiency of listed companies in China.This article conducts in-depth research on the basis of effective market hypothesis,principal-agent theory,information asymmetry theory,behavioral finance theory and cater to theory.This article first reviews relevant research literature on external profit pressure and investment efficiency,then analyzes the reasons for the external profitability pressure of the management of listed companies in China,and then theoretically analyzes the impact of external profit pressure on investment efficiency according to relevant theories.On the basis of theoretical analysis,the research hypothesis of this study is proposed.Then we take China's Shanghai-Shenzhen A shares 2012-2016 listed company as the research object,and finally obtain 9387 research samples.This article uses multiple linear regression analysis methods to study the impact of external profit pressure on the listed company's investment efficiency under the whole sample,and further study the impact of external profit pressure on investment and overinvestment,respectively.Empirical research shows that external profit pressure has a positive and significant impact on non-efficient investment.Continue to focus on non-efficiency investment to underinvestment and overinvestment.The results show that external profit pressures have a significant impact on investment shortages,but the impact on overinvestment is not significant.This inspires China's listed companies: In order to ease the pressure on external earnings to increase investment efficiency,listed companies should formulate a scientific and reasonable management performance evaluation system,management should rationally deal with external profit pressure,and the company should strengthen the supervision of management Mechanisms to improve incentives for management.At the same time,in order to ease the external earnings pressure of the management of listed companies to increase investment efficiency,analysts and investors have also made corresponding recommendations.Analysts should improve the accuracy of earnings forecasts to reduce the gap with management's profit expectations.Investors should establish rational investment concepts to reduce the noise pressure on noise management investors.